The police have arrested a real estate developer, Alabi Idowu, for allegedly defrauding over 200 intending tenants in a newly-constructed building at No. 1 Karimu Street, off Oyebanjo Street, Alapere, Ketu, Lagos State. PUNCH Metro gathered that the developer allegedly also posed as the landlord of the building to defraud the prospective tenants to the tune of N50m.
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Developing SMEs, and the industry working closely with the government and its agencies, will raise the value of property in the hands of the black majority. The SA property industry is on the cusp of real economic transformation of the sector through small and medium enterprise (SME) development. The industry’s biggest players will have a chance to contemplate how to accelerate this transformation at the industry’s biggest annual gathering, the SA Property Owners Association (Sapoa) conference in Cape Town this week.
Liberty Holdings has sold its residential house in Nairobi’s Karen estate to property developer Africa Reit for Sh125 million, the second such disposal for the firm amid declining returns on some of its real estate investments. The Nairobi Securities Exchange (NSE)-listed firm said it sold the prime property, held directly by one of its insurance subsidiaries, due to low returns.
Nigeria, Africa’s biggest economy, is “heading for bankruptcy” according to the former Central Bank Governor, the Emir of Kano, Muhammad Sanusi II. Speaking on Tuesday he criticised government policy – particularly costly fuel subsidies – for stifling development and fuelling rampant poverty.
Kasama, a city in the Northern Province of Zambia, is in for $20 million commercial transformation, that will see the development of a new four-star hotel and shopping mall at Kasama Golf Club (KGC). According to the project owners, Mikalile Investments, construction started in May and the company intends to complete phase one (the Mall) by next year.
South African real estate investment trusts (Reits) are looking to the boom in flexible or shared workspaces internationally as one of the solutions to the glut in the local office property market. Mid-cap Reit Emira is the latest local property counter to enter the shared workspaces scene. It pulled off something of a coup in the space by beating some of its much larger sector peers with the announcement on Monday that it had secured global shared workspaces giant WeWork as a client. WeWork will house its first presence in Cape Town at one of Emira’s jointly-owned properties.
French retailer Carrefour is set to open its first branch in Kampala as it moves to take up space previously occupied by struggling Kenyan retailer Nakumatt. The two stores, operated under the Majid Al Futtaim franchise, according to a statement sent to Daily Monitor, will be established in spaces formerly occupied by Nakumatt at Oasis Mall in Kampala and Metroplex Mall in Nalya, on the outskirts of Kampala.
The property market is transitioning into to a state where there is few new construction underway, real estate investment firm in East Africa says. According to Fusion Capital, the real estate is moving from its previous oversupply to situation where the rental rate decline remain flat meaning owners, occupiers and investors can now start to buy.
No fewer than 34 out of 36 states of the country are yet to pass the Modern Mortgage Foreclosure Bill, which is meant to make access to land, housing and mortgage less cumbersome for citizens, New Telegraph has learnt. Group Head and Central Bank of Nigeria (CBN) Deputy Director, Analytics, Projects and Special Examination, Mr. Adedeji Jones Adeshemoye, said this during Quarter Two 2019 Mortgage Market Forum in Abuja.
The Abuja International Housing Show (AIHS) is expected to unveil the alternative models and opportunities for accessing housing and construction finance in the built environment. This is even as over 40, 000 participants from Nigeria and 15 countries are expected to convene for the 13th edition of AIHS billed to take place at the International Conference Centre, Abuja from 23rd to 26th July 2019, with the theme, “’Driving Sustainable Housing Finance Models in the Midst of Global Uncertainty”.